Euroclear issues what’s called an “XS ISIN” number, or international securities identification number.
As opposed to the standard 2 letter country code that is traditionally assigned to a securities if applied via one’s country or local depository, an ISIN code that is cleared through Euroclear used “XS” in place of any two letter country code.
Although most ISIN numbers are assigned by national numbering agencies (“NNAs”), International securities such as bonds and stocks are assigned a single XS-ISIN number by Euroclear S.A./N.V. This ISIN code is shared between both ICSDs via a common file platform. Increasingly, many of the world’s new issuers and market participants utilize one form an of an ISIN number as a means of security identification.